Bitcoin and American flag hang on cracked wall.
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Cryptocurrencies moved higher on Tuesday as investors awaited the results of the U.S. presidential election.
Bitcoin up 3% to $70,053.56, according to Coin Metrics. ether It rose 2% to $2,473.40. Token to bind to Solana An increase of more than 5%. Meanwhile, meme coins Dogecoin and Shiba Inu coin Increases of 12% and 8% respectively.
Bitcoin price boosted micro strategywhich typically trades at a high beta for Bitcoin prices, as well as a number of mining stocks, including Mara Holdings, Anti-riot platform and clean spark. Coin library Up about 1%.
Bitcoin recovers $70,000 on Election Day
competition between vice presidents Kamala Harris and former president Donald Trump The next presidential election is being called the most important election in the cryptocurrency industry’s lifetime. Many viewed Harris’ victory as a threat to cryptocurrencies — the extent of which has been debated throughout the election cycle. Trump, on the other hand, is seen by many as a force for good in the industry after emerging as a pro-cryptocurrency candidate earlier this year, and has been courting the industry more directly than Harris.
Regardless of the eventual winner, Bitcoin is likely to survive and thrive, according to Bernstein analyst Gautam Chhugani.
“Bitcoin remains the most resilient of cryptocurrencies to election outcomes,” he said. “Bitcoin’s main drivers remain U.S. fiscal discipline, record debt levels, and monetary expansion, driving support for gold and Demand for hard assets such as Bitcoin. We believe that Bitcoin, which accounts for less than 0.1% of global financial assets, has ample room to grow regardless of the election outcome.
Chhugani has set a 2025 Bitcoin price target of $200,000, although he said that if Harris wins, the price could fall to $50,000 in the coming weeks. He also predicts short-term increases of up to $90,000 this year if Trump wins.
Chhugani added that the success of Bitcoin ETFs will continue to accelerate the development of cryptocurrencies, with inflows of more than $23 billion this year and assets under management reaching $67 billion.
But what may pose greater risks from this election is the broader cryptocurrency market.
“A constructive crypto-friendly SEC would bring opportunities to all cryptoassets beyond Bitcoin,” he said. “The key remains bipartisan support for cryptocurrency regulation (the results in the House and Senate matter as well). And…if either party commits to a crypto-friendly SEC. Trump’s side has committed Establish a crypto-friendly SEC, while Harris’ side promises to defend the ownership of crypto assets, although the crypto community would prefer Harris to develop more specific crypto policies.
There is a growing consensus that while Trump may be the more pro-cryptocurrency candidate of the two candidates, a Harris presidency may not be as harmful as once feared. This concern stems from the current administration’s hostility to cryptocurrencies—the SEC agency under Gary Gensler was notorious for refusing to provide clear guidance to crypto businesses keen to operate by the rules. Instead, it has opted to regulate through enforcement actions; Sen. Elizabeth Warren, D-Mass., has been outspoken about her anti-crypto cause.
